Life Insurance provides your dependents with a replacement for your income when you die.
Disability Insurance provides replacement income if you can’t work.
Marriage and Divorce are also major life events that can have a big impact on your life. Below is a checklist of what you can do legally before you marry or after you separate to protect your income and assets.
Legal Checklist for Divorcing Clients
-spouse not only means married couples, but couples that have lived together for more than 24 months.
__ Separation Agreement (for Family Property)(required for refinancing in one spouses name)
__ Separation Agreement (for Child Custody, Access, and Support)
__ Separation Agreement (for Spousal Support, or lack thereof)
__ New Will (Divorce cancels current Will) (can be done in contemplation of future Divorce)
Legal Checklist for Marrying Clients
__ Inter-spousal Agreement (for division of Family Property and debt on future Separation)
__ Title in Joint or Sole Names (presumption of equal sharing at Separation if in Joint names)
__ Inter-spousal Agreement (Assets owned by one spouse jointly with 3rd party (ex. your business partner))
__ Inter-spousal Agreement (Spousal Support)
__ New Will (Marriage, or living together for two years, cancels your current Will)
David R. Barth